Funding arb · Price arb /

BTC

all BTC markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h −0.007%

Price spread now: Bullet against Derive−0.039%7-day average +0.004% · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Derive Short on Bullet

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)+0.026%+$3 on $10k

Price spread, last 3 days (all we have)+0.087%+$9 · spread now −0.039%, 7d avg +0.004%

Together, before fees+0.113%+$11 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Bullet is 0.042% cheaper against Derive than usual: you would sell low and buy high, −$4 on $10k if it goes back to its 7-day average of +0.004%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Derive BTC-PERP	86,447.5	0.0100	pay 0.0013% / 1h	36m 19s	$30.5M	$58.9M	15x
Short	Bullet BTC-USD	86,414.1	0.0100	get 0.0013% / 1h	36m 19s	$193K	$3.3M	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bullet against Derive. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

click an exchange to add or hide it

latest

How often the price spread is this wide · share of time at each level, last 7D show

Profit calculator

Position, each leg$Hold fordaysFee DerivebpFee BulletbpOrdersPrice spread, now −0.039%Rate

Funding earned: $0
Price spread: −0.039% → +0.004%: −$4.24
Slippage, 4 orders: no order book: not counted
Fee Derive: 3 bp × 2 orders: −$6
Fee Bullet: 4 bp × 2 orders: −$8
Net: −$18.24
Costs to cover: 0.140%
Break-even: never at this rate

Slippage unknown: Derive: no order-book sample; Bullet: live order book, 3 min ago. Net counts fees only.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again

Leg	Half-spread	$10k	$100k	$1M	$5M
Buy Derive no order-book sample	—	—	—	—	—
Sell Bullet live order book, 3 min ago	0.06 bp	4.3 bp −$4	7.6 bp −$76	doesn't fit	doesn't fit

Derive: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

BTC on 56 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Phoenix BTC	−0.0129%	1h	86,448	+0.001%	$2.2M	$11.2M	40x	as long as short
Hotstuff BTC-PERP	−0.0080%	1h	86,420	−0.032%	$9K	$3K	50x	as long as short
01 Exchange BTCUSD	−0.0032%	1h	86,430.7	−0.019%	$360K	$2.4M	50x	as long as short
Bluefin BTC-PERP	−0.0014%	1h	85,574.3	−1.010%	$143K	$666K	40x	as long as short
Perpl BTC	0.0000%	43m	86,444.1	−0.004%	$498K	$21.8M	6.7x	as long as short
gTrade (Gains Network) BTC/USD	L +0.0005% / S −0.0004%	1h	86,431.1	−0.019%	$36.9M	—	200x	as long as short
Phemex BTCUSDT	+0.0017%	8h	86,418.1	−0.034%	$154.0M	$474.0M	150x	as long as short
Aster BTCUSDT	+0.0020%	8h	86,418.4	−0.034%	$501.2M	$1.14B	200x	as long as short
Injective BTC/USDC PERP	+0.0023%	1h	86,430	−0.020%	$333K	$26.9M	52x	as long as short
dYdX BTC-USD	+0.0024%	1h	86,450	+0.003%	$16.9M	$20.5M	50x	as long as short

Show all 56 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
KuCoin XBTUSDTM	+0.0038%	8h	86,415.5	−0.037%	$831.2M	$721.5M	125x	as long as short
Reya BTCRUSDPERP	+0.0044%	1h	86,409	−0.045%	$6.7M	$145.7M	40x	as long as short
BingX BTC-USDT	+0.0050%	8h	86,423	−0.028%	—	$1.58B	—	as long as short
RISEx BTC/USDC	+0.0052%	1h	86,435.9	−0.013%	$8.3M	$42.5M	25x	as long as short
Deribit BTC-PERPETUAL	+0.0057%	1h	86,459.9	+0.014%	$903.2M	$1.51B	50x	as long as short
Bitget BTCUSDT	+0.0062%	8h	86,412	−0.041%	$2.97B	$5.04B	150x	as long as short
MEXC BTC_USDT	+0.0077%	8h	86,410.4	−0.043%	$5.13B	$5.69B	500x	as long as short
Binance BTCUSDT	+0.0077%	8h	86,418	−0.034%	$9.41B	$24.31B	150x	as long as short
Aevo BTC-PERP	+0.0080%	1h	86,396.5	−0.059%	$2.5M	$1.7M	20x	as long as short
Lighter BTC	+0.0096%	1h	86,433.7	−0.016%	$170.5M	$984.9M	50x	as long as short
Lighter RH BTC	+0.0096%	1h	86,435.7	−0.014%	$23.7M	$149.0M	50x	as long as short
Popdex BTCUSDT	+0.0096%	1h	86,418	−0.034%	$8.4M	$52.0M	100x	as long as short
Katana Perps BTC-USD	+0.0100%	8h	86,405	−0.049%	$203K	$7.2M	50x	as long as short
Paradex BTC-USD-PERP	+0.0100%	8h	86,453.8	+0.007%	$4.4M	$8.6M	50x	as long as short
Nado BTC-PERP	+0.0100%	1h	86,439.7	−0.009%	$21.9M	$228.9M	50x	as long as short
Hyperliquid BTC	+0.0100%	1h	86,484	+0.042%	$3.80B	$4.99B	40x	as long as short
Pacifica BTC	+0.0100%	1h	86,471	+0.027%	$40.7M	$551.7M	50x	as long as short
Bybit BTCUSDT	+0.0100%	8h	86,424	−0.027%	$5.25B	$9.67B	150x	as long as short
OKX BTC-USDT-SWAP	+0.0100%	8h	86,420	−0.032%	$2.56B	$12.51B	100x	as long as short
Ondo Perps BTC-USD.P	+0.0100%	1h	86,446	−0.002%	$3.9M	$17.9M	25x	as long as short
Arcus BTC-USD	+0.0100%	1h	86,456.2	+0.010%	$7.2M	$95.0M	40x	as long as short
Bulk BTC-USD	+0.0100%	1h	86,348	−0.115%	$573.1M	$19.8M	40x	as long as short
Gate BTC_USDT	+0.0100%	8h	86,420.5	−0.031%	$5.81B	$10.52B	200x	as long as short
Backpack BTC_USDC_PERP	+0.0100%	1h	86,424.4	−0.027%	$37.5M	$155.5M	75x	as long as short
Variational Omni BTC	+0.0100%	8h	86,400.1	−0.055%	$158.2M	$561.5M	—	as long as short
edgeX BTCUSDC	+0.0100%	4h	86,397.1	−0.058%	$279.1M	$950.2M	100x	as long as short
GRVT BTC_USDT_Perp	+0.0100%	8h	86,397.9	−0.057%	$217.0M	$165.4M	50x	as long as short
ApeX Omni BTCUSDT	+0.0100%	1h	86,396.8	−0.059%	$141.7M	$322.0M	100x	as long as short
StandX BTC-USD	+0.0100%	1h	86,386.3	−0.071%	$30.7M	$208.9M	40x	as long as short
Vest BTC-PERP	+0.0100%	1h	86,454.8	+0.008%	—	$11.8M	50x	as long as short
Polymarket Perps BTC-USD	+0.0100%	1h	86,416	−0.036%	$11.1M	$14.1M	50x	as long as short
Bullet BTC-USDshort	+0.0100%	1h	86,414.1	−0.039%	$193K	$3.3M	20x
Orderly PERP_BTC_USDC	+0.0100%	8h	86,416.4	−0.036%	$2.4M	$8.9M	100x	as long as short
Derive BTC-PERPlong	+0.0100%	1h	86,447.5	long leg	$30.5M	$58.9M	15x
SunX BTC-USDT	+0.0100%	8h	86,429	−0.021%	$3.4M	$5.2M	100x	as long as short
SoDEX BTC-USD	+0.0100%	1h	86,418	−0.034%	$60.4M	$338.2M	40x	as long as short
HTX BTC-USDT	+0.0100%	8h	86,395	−0.061%	$2.29B	$964.8M	200x	as long as short
Extended BTC-USD	+0.0104%	1h	86,405.5	−0.049%	$45.8M	$222.3M	50x	as long as short
Jupiter Perps WBTC-PERP	L +0.0104% / S +0.0048%	1h	86,439.6	−0.009%	—	$98.9M	500x	as long as short
Coinbase International BTC-PERP-INTX	+0.0120%	1h	86,462	+0.017%	$132.2M	$5.44B	50x	as long as short
Kraken Futures PF_XBTUSD	+0.0121%	1h	86,450.8	+0.004%	$192.3M	$941.7M	100x	as long as short
Hibachi BTC/USDT-P	+0.0160%	1h	86,395.8	−0.060%	$710K	$8.0M	30x	as long as short
Aftermath Perps BTCUSD	+0.0166%	1h	86,430.1	−0.020%	$78K	$217K	20x	as long as short
BloFin BTC-USDT	+0.0197%	8h	86,425.1	−0.026%	$416.3M	$648.1M	150x	as long as short
GMX BTC/USD [WBTC.b-USDC]	L +0.0204% / S −0.0218%	1h	86,428.1	−0.022%	$14.5M	—	200x	as long as short
Kalshi KXBTCPERP	+0.0210%	8h	86,455	+0.009%	$10.0M	$761.6M	6.4x	as long as short